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How do payday loans and cash advances work?

So what are Payday loans and why do people choose to take a quick cash advance some folks are asking? How do each work? Why would it make sense to get a payday loan or cash advance?

With Payday Loans, borrowers visit a payday lending store online or in person and secure a small cash loan, with payment due in full at the borrower’s next paycheck (usually a two week term). The borrower writes a postdated check to the lender in the full amount of the loan plus fees. On the maturity date, the borrower is expected to return to the store to repay the loan in person. If the borrower doesn’t repay the loan in person, the lender may redeem the check.

If the account is short on funds to cover the check, the borrower may now face a bounced check fee from their bank in addition to the costs of the loan, and the loan may incur additional fees and/or an increased interest rate as a result of the failure to pay. For customers who cannot pay back the loan when due, members of the national trade association are required to offer an extended payment plan at no additional cost. In Washington and some other states, extended payment plans are required by state law.

A cash advance is a service provided by most credit card and charge card issuers. The service allows cardholders to withdraw cash, either through an ATM or over the counter at a bank or other financial agency, up to a certain limit. For a credit card, this will be the credit limit (or some percentage of it).

Cash advances generally incur a fee (to replace the interchange fee normally charged to the merchant on a card transaction), although this is sometimes waived if the account is in credit. When made on a credit card, they are usually charged at a higher rate of interest than store purchases, and generally do not attract an interest-free period which is customarily given to cardholders who pay off their bill in full every month.

If you are in a pinch and have nowhere left to go, say you have an emergency car repair or something else unexpected happen, you can always turn to a payday loan or a cash advance to fund your shortcoming.

Hope you enjoyed this guest post from CashnetUSA.com

Already have a buyer, do I need a broker to assist in the sale?

A reader Rachel asks:If we have a buyer for our home, do we really need a broker/agent? The people who are renting our house want to make it their own; a price has already been negotiated. Am I wrong in thinking a broker or agent is a waste of money? Thanks for your advice!

First off, thanks for the question Rachel. As mentioned in my article “Do you really need a broker” it’s really not a complicated process and it’s truly a waste of money if you feel comfortable that you’ve covered all your bases. Because you’ve already got a buyer, and have negotiated a mutually agreeable price, the broker is of almost no use and will certainly provide little value for either of you compared to what they will cost. If however, you feel that you’re simply selling the property at this price because it’s convenient and you haven’t shopped your property around, it may not be a bad idea to take a step back and ask yourself if you’re really getting the most of the property that you could. In that regard, a broker could assist you in telling you what they think about the sale price and terms, etc. It makes sense to make certain you are getting the best deal you can. If you have to pay a broker a couple points to sell your home for several thousand dollars more, it may make sense to check them out, it’s free after all unless you decide to move forward in selling through the broker. I hope this helps!

Save 100′s in credit card interest with a simple call, here’s exactly how

From my column today on InsideStl:

Most personal finance bloggers focus on educating people on shit they don’t care about. Few people follow through on their advice because the message is not reaching them. It’s more important to teach why being frugal makes sense, than it does to simply teach about being frugal. If you understand that by being frugal you will be able to save for a down payment on a lake house that you can be partying at in two years, people will look at their purchases more closely. Below, I will show you how to cut out $100’s of dollars in interest charges on your credit cards this month by following by teaching you how to call the credit card companies and get your interest rate lowered.

Believe it or not, if you simply pick up the phone and call your credit card companies and request a lower interest rate on your card, you’ll probably get it. Below, I’ll show you exactly what I said to my credit card companies that immediately saved me over $25 a month and $300 in interest charges in the first year, on just one card alone.

Looking at my credit card interest rates was a bit surprising, one card in particular that I had was a citicard. Initially the interest rate on the card was around 10%, however, when I looked at the current rate I was being charged, it was nearly 27%. I was being duped and I was pissed. If I simply made the minimum payment, it would take me 24.5 years to pay off and I would pay about $10,500 in interest charges. After a simple phone call and a small threat (which I will show you below exactly what I said) I got my interest rate dropped down to 6%. If I made the minimum payments it would take me 20 years to pay off and I would pay about $2,200 in interest charges. That’s a difference of over $8,000 in interest in total, or a difference of over $300 in savings in interest charges each year. That’s $25 more in my pocket each month for a five minute call. If you’ve got a few credit cards and apply these tactics that could result in 100’s of dollars in savings right away.

I called the customer service department and here’s exactly what I said:

FinanceDad: I would like to inquire about getting the interest rate changed on my card.

CitiCard Customer Service: Sure, one moment please.

They connected me to a credit rep.

CitiCard Customer Service: We understand you would like to lower your APR. Certainly we want to keep you happy sir, let’s see what I can do for you. We have submitted the request and will get back to you shortly.

About 3 days passed and I heard nothing back, so I called again and asked for the status of my request. Here’s what I said.

FinanceDad: I inquired about lowering my APR a few days ago and I haven’t heard anything back. I want my APR lowered right now or I’m going to initiate a balance transfer to another card and stop doing business with you all immediately.

CitiCard Customer Service: Sir, please hold. OK sir, we are sorry about the inconvenience and delay, your APR has been lowered to 6% effective immediately.

FinanceDad: Excellent, thanks!

It really was that easy, and it took less than 5 minutes of my time. Be aware that this doesn’t always work, especially on department store cards and some other cards, but it’s certainly worth the 5 minute call to see if you can get it lowered. Even if you threaten and they don’t change the terms, you’ve got nothing to lose, it’s not like they will or can close your account. They don’t want to lose your business. Try it now and let me know how much money you save right away.

Here’s a link to the calculator I used to compute my savings so you can do the same.

My next column will appear tomorrow and my columns usually appear here on Tuesday and Friday.

FinanceDad writes about saving money and personal finance over at FinanceDad.com. Ask me any question @ Mark@FinanceDad.com or follow-me on twitter @financedadblog

Things to consider when taking a Payday Loan online

It is not a myth that the US economy is still in pretty bad shape. Fewer households are working and unemployment benefits are not enough to cover all expenses.  Therefore, applying for short term loans such as payday loans are becoming more common.

Unfortunately, payday loans are strictly regulated by cities and states, so there is a chance that stores that provide payday loans may not be conveniently located nearby. That is why many people are looking to take online payday loans from trusted online lenders. But how does one know if an online lender is to be trusted or not? Below are some tips we have that may help you.

1. Look for a phone number - Most reputable online lenders promote their phone numbers on their homepage so it is visible to everyone. And many have toll free numbers. This shows that they have live customer support to help you out with your loans.

2. Call them - After finding their phone number, do call them. Try to ask a few questions to figure out if their staff is knowledgeable.

3. Find out about their privacy policy - Trusted lenders do not pass your information to third parties without your authorization. So make sure you ask them about consumer privacy or look for their policies on consumer privacy on their website.

4. Ask where they are located – Many dishonest lenders hire cheap labor overseas to collect your information. After they gather your information, they sell your private information to others. A reputable direct lender does not do that. This means that they should be straightforward about where they are located.

5. Look for secure online application - Do not apply for a payday loan unless the loan application is secure. The URL on the address bar should start with http, which allows for secure browsing and loan application. Furthermore, a VeriSign security logo should be presented on the webpage somewhere in a conspicuous location.

6. Take the time to research lenders - Researching the lender is very important. Take the time to research them online, looking for possible reviews, testimonials, etc.

7. Stay away from aggressive lenders - If a lender is too aggressive, that means they are desperate for your business, which makes them unstable. A good lender that is financially healthy should not appear too aggressive.

There are many things you can do in order to make sure you are dealing with a trusted reputable lender. So make sure you take the time and do your homework before you apply for a loan.

This was a guest post by Al with aboutpaydayloan.com

The quest for a perfect credit score

Interesting article here from CNN Money. I would have to question if their quest for the perfect credit scores costs them more than it’s worth. It seems these people will do anything to raise their score, including taking out loans when they don’t have a need for it. I think you must way the benefit of a higher score against the cost of having it, if you’re spending more than the benefit received from a higher score, you need to stop and take a break.

A major league pitcher dreams of throwing a perfect game. High schoolers eyeing the Ivy League study furiously in hopes of earning 2400 on the SAT. Meanwhile, Chris Peplinski is pursuing his own brand of flawlessness: an 850 credit score.

The 37-year-old stay-at-home dad from Rogers, Ark., has already nabbed 813 on the FICO scale, the credit scoring system most lenders use in sizing up potential borrowers.

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That ranks him above more than 82% of Americans and comes with a big payoff: It entitles him to ultralow rates on loans, saving him tens of thousands of bucks over a lifetime.

More from CNNMoney.com:

• What’s the Perfect Credit Score?

• 6 Steps to Improve Your Credit Score

• 800 Club: Couples With Perfect Credit

Nevertheless, Peplinski won’t be satisfied until he hits the maximum: 850. Why? “Your credit score tells a lot about you,” Peplinski explains. “A high score means you’re responsible and in control of your life. You’re trustworthy.”

To reach his goal, Peplinski voraciously reads up on every element that goes into a FICO score, checks his number every three months, and tweaks his behavior to eke out every possible additional point.

Two years ago, he took out a car loan even though he and his wife, Chrissy, had the cash to buy their wheels outright. He figured that adding to his mix of credit might boost his score.

In spite of Chris’s best efforts, landing an 850 may be a quixotic goal — only about 0.5% of Americans manage it, FICO reports. “The 850 score is kind of like a unicorn,” says John Ulzheimer, a credit scoring expert with Credit.com who used to work for FICO. “Everybody talks about it, but nobody’s seen it.”

The reality is that you don’t need to catch the unicorn to catch the best rates. But adopting some of the habits of Peplinski and other members of the 800 club can help you improve your own score.

And that can translate into real money: On a $300,000 30-year fixed-rate mortgage, the most credit-worthy borrowers will pay $14,200 less than those one tier below, $25,600 less than those two tiers below.

[See the Six Popular Credit Score Myths]

FICO, the Minneapolis company that produces the scoring model, divulges the five factors that determine your magic number — your payment history, the amount you owe on credit lines and loans, the length of your credit history, how much new credit you’ve applied for, and the types of accounts you’ve had — plus what percentage of your score each factor represents.

But as for exactly how many points you’ll gain or lose for, say, taking on a mortgage, being late on a bill, or charging credit cards up to the max? That’s proprietary information: “It’s a black box,” says FICO spokesman Craig Watts.

Mystery feeds obsession. Much the way fans of TV’s Lost met up online to postulate theories on the show’s ending, some credit score aficionados passionately debate their hypotheses on message boards like the FICO Forums at myfico.com. Others use themselves as guinea pigs to discover which moves will nudge a score up or down.

[See A Guide to the Latest Credit Card Tricks]

While most people could tell you their number only from the last time they got a loan — if at all — true FICO fiends know their score as well as they know their spouse.

Of the score strivers MONEY interviewed, most check their score obsessively, at least every few months — at a cost of $50 or more a year. They also fixate on their credit reports, upon which the scores are based.

Leland Lim, a 41-year-old doctor from the Bay Area, is vigilant about scanning these for errors that might drag down his number. “It took me three years to get a derogatory entry on one of them corrected,” says Lim, who now earns an 806.

As for what makes an 800-plus score, these self-made experts basically say the same thing FICO does: Payment history is the single most important factor.

“I have this fetish about paying bills as soon as they come in the house,” says Dick Husemann, 66, a retired Air Force officer from Wilmington, N.C. He and his wife, Brenda, 69, attribute their high scores — matching 818s — to the fact that they’ve never missed a credit payment.

The Husemanns also never charge more than 10% of their credit limit. They’re not alone in that; most score enthusiasts aim to keep a low “utilization ratio,” or the amount they owe compared with the amount of credit available to them. FICO verifies that a low ratio can help your score.

Chris Peplinski used his knowledge of this principle to help his wife boost her number. When they met seven years ago, Chrissy’s credit cards were maxed out and her score was a low 466. (Today he jokes: “I tell people when they’re dating someone new, ask about your date’s credit score!”)

Chris helped her get on a repayment plan. A sales manager for General Mills, Chrissy now has tons of available credit she’s not using and a score of 786. Chris occasionally applies for additional credit cards to goose the couple’s credit lines further, even though he knows the FICO model will ding his score in the short term for opening a new account.

That kind of gamesmanship is all part of the quest for 850. With lenders now routinely closing inactive accounts, Lim rotates all his credit cards into circulation so that he’ll continue to have a lot of available credit to figure into his utilization ratio.

But because his charges also affect that ratio, a few months before applying for a loan, he stops using the cards or pays them off before the statement is generated. That way, he says, “my score jumps a bit” — just in time for the lender to see.

The 800 club members are also conscious of their mix of credit.

Lim became interested in the scoring process two years ago while refinancing a home-equity loan into a home-equity line of credit. Having heard that revolving debt could affect a score more than an installment loan, he studied up.

His research revealed that HELOCs are not considered revolving debt in the FICO model. (The scoring firm confirms.) And remember that car loan Peplinski took out even though he didn’t have to? He did it because FICO favors those with a variety of credit types, such as mortgage, credit cards, and auto loans.

“I probably paid $100 in interest,” he says. “But it was worth it because we raised our credit scores by 15 points.”